12-Month Savings Challenges to Crush this Year (Six Types!)

Looking to turbocharge your savings and leave your old saving habits behind? Dive into one of these six 12-month savings challenges and watch your finances soar.

1. 12-Month Savings Challenge – Monthly Masterplan

Are you ready to embark on a year-long savings journey filled with exciting monthly challenges? The Budget Mom has designed an ingenious 12-month plan to keep your financial game on point. Here’s what you’ll tackle for the next year:

• Pack-A-Lunch January: Brown bag it and save. No-Eating-Out February: Dine in to keep your cash out. $20 Fridays in March: Enjoy frugal Fridays. $10 Cash Envelope Saving Challenge in April: Learn the power of cash. Freezer and Pantry in May: Make a meal from what you already have. $2-A-Day in June: Watch those small expenses add up. Generic July: Find generic alternatives and cut costs. Sell Two Items in August: Declutter and earn extra cash. Decrease Your Bills in September: Negotiate for lower bills. Make Your Own Coffee October: Skip the cafe for homemade brews. No-Spend November: Challenge yourself to a spending freeze. Make-A-List December: Plan for a budget-friendly holiday season.

2. 12-Month, Give-Up-Something Savings Challenge

Bid farewell to spending habits, one month at a time, with the Give-Up-Something Savings Challenge. At the start of each month, select one expense to eliminate and stash away the cash you would have spent. Two methods to consider:

• Baseline Spending: Calculate your average monthly spending on the item from the past three months and commit to saving that amount. Impulse Tracking: Resist the urge to buy the item and tally up the number of times you successfully abstain. Multiply that by the item’s cost to determine your savings.

Here are some examples to spark your inspiration:

• Say goodbye to those tempting Poke Bowl runs.
• Empty your freezer and pantry before restocking.
• Cut down on costly Costco trips.
• Reduce your travel expenses, especially long weekend getaways.
• Limit those expensive Starbucks runs.

3. 52-Week Savings Challenges

Choose from a variety of 52-week savings challenges and save anywhere from $676 to $1,378 in a year, depending on your commitment level:

• 52-Card-Pickup Weekly Savings Challenge: Shuffle a deck of cards and draw one each week to determine how much you save. You’ll amass $676 by the end of the year.
• 52-Week Christmas Savings Plan: Ensure your holiday season is financially stress-free by following this plan.
• Random 52-Week Challenge: Enjoy flexibility by selecting when to save more or less.
• Reverse 52-Week Savings Challenge: Flip the script and save more in January and less in December, earning more interest in the process.
• $1,378, 52-Week Savings Challenge: Save $1 more than the previous week for all 52 weeks, peaking at $52 per week.

4. Save $1,050 in 12 Months

This challenge starts at $25 per month, increases by $25 monthly, and then decreases by $25 until you’re only saving $25 in December, which aligns perfectly with the holiday season’s expenses.

5. Bi-weekly 12-Month Savings Challenge

Designed for those on a bi-weekly pay schedule, this challenge accommodates your paycheck frequency. You can aim to save either $1,000 or $5,000 over 26 paychecks in a year.

Consider sitting down with your partner to discuss your financial goals and choose one of these 12-month savings challenges to supercharge your savings journey. For more budget-friendly ideas, explore my Frugal January article.

Whether you’re saving for a dream vacation, debt repayment, or a comfortable retirement, these 12-month savings challenges will propel you toward financial success. Embrace the challenge and watch your savings grow like never before!